External Trade - January 2008

In January 2008, according to preliminary data, exports and imports at current prices grew by 11.0% and 10.3% year-on-year respectively. The trade balance reached a surplus of CZK 12.2 billion, which was by CZK 2.4 billion more year-on-year. An increase of CZK 4.9 billion in surplus in machinery and transport equipment influenced the balance favourably, while a deterioration of CZK 3.0 billion in deficit of trade in mineral fuels, lubricants and related materials was an adverse effect.
According to preliminary data, seasonally adjusted exports increased by 6.4% and imports by 12.0%, month-on-month. The trend component rose by 2.2% in exports and by 0.7% in imports.

Year-on-year, exports at current prices grew by 11.0% and imports by 10.3%. Due to appreciation of the koruna against the euro and even more against the US dollar, external trade grew faster in euros (exports +18.7%, imports +17.9%) and US dollars (exports +34.4%, imports +33.5%) than in korunas.
The trade balance reached a surplus of CZK 12.2 billion, which was by CZK 2.4 billion more year-on-year. January trade balance has been active since 2004. Trade balance with EU states was active by CZK 49.5 billion and with non-EU states passive by CZK 37.3 billion.
Improvements of the trade balance due to increasing surplus were achieved in ‘machinery and transport equipment’ (by CZK 4.9 billion) and ‘manufactured goods classified chiefly by material’ (by CZK 1.0 billion). Deficit decreased in trade in ‘food and live animals’ by CZK 0.7 billion. The balance of trade in ‘chemicals and related products’ ended nearly in the same deficit (CZK 7.8 billion) as in January 2007. Trade balance developed unfavourably in ‘mineral fuels, lubricants and related materials’ (deficit up by CZK 3.0 billion), ‘miscellaneous manufactured articles’ (surplus down by CZK 1.1 billion) and ‘crude materials, inedible, except fuels’ (deterioration of CZK 0.5 billion as surplus turned into a deficit).
Exports of ‘machinery and transport equipment’ grew by 13.2% (CZK 13.8 billion) in total, of which the highest export increases were registered in ‘telecommunications and sound-recording equipment’ (CZK 5.2 billion), ‘other transport equipment’ (CZK 1.9 billion), ‘electrical machinery, apparatus and appliances’ (CZK 1.6 billion), ’road vehicles’ and ‘general industrial machinery and equipment’ (both by CZK 1.3 billion). Total imports of ‘machinery and transport equipment’ were up by 11.5% (CZK 8.9 billion). The highest increases were recorded in imports of ‘telecommunications and sound-recording equipment’ (CZK 3.3 billion,) ’road vehicles’ (CZK 2.0 billion) and ‘electrical machinery, apparatus and appliances’ (CZK 1.4 billion).
The growth of 25.2% (CZK 4.0 billion) in imports of ‘mineral fuels, lubricants and related materials’ was mainly due to higher imports of crude petroleum (+34.3% in value, +1.7% in volume) and natural gas (+11.0% in value, +18.2% in volume).
By group of countries, trade surplus with EU states rose by CZK 11.9 billion and trade deficit with non-EU states increased by CZK 9.5 billion. Trade surplus grew with Germany (by CZK 2.2 billion), France (by CZK1.6 billion), Italy (by CZK 1.3 billion), the Netherlands (CZK 1.2 billion), Slovakia (by CZK 1.1 billion) and Poland (by CZK 1.0 billion). Trade deficit rose with China (by CZK 4.2 billion), Thailand (by CZK 1.7 billion), Japan (by CZK 1.5 billion), Korea (by CZK 1.2 billion), the United States (by CZK 0.7 billion) and the Russian Federation (by CZK 0.2 billion).

In the twelve months to January 2008, compared with the previous twelve months, exports and imports grew by 14.9% and 12.9% respectively. The trade balance reached a surplus of CZK 87.4 billion, which was an improvement of CZK 49.0 billion.
Favourable development was reported for trade in ‘machinery and transport equipment’ (surplus up by CZK 47.3 billion), ‘mineral fuels, lubricants and related materials’ (deficit down by CZK 10.9 billion), ‘crude materials, inedible, except fuels’ (improvement by CZK 10.2 billion as deficit turned into a surplus), ‘miscellaneous manufactured articles‘ (surplus up by CZK 3.7 billion) and ‘beverages and tobacco’ (deficit down by CZK 1.2 billion). Trade balance deteriorated in ‘chemicals and related products’ (deficit up by CZK 13.4 billion), ‘manufactured goods classified chiefly by material’ (surplus down by CZK 10.3 billion) and ‘food and live animals’ (deficit up by CZK 1.5 billion).
By group of countries, trade surplus with EU states rose by CZK 75.1 billion and trade deficit with non-EU states increased by CZK 26.1 billion. Deficit decreased in trade with the Russian Federation (by CZK 28.3 billion); surplus rose in trade with Slovakia (by CZK 19.5 billion), the United Kingdom (by CZK 11.0 billion), Poland (by CZK 8.9 billion), Germany (by CZK 8.4 billion), France (by CZK 7.7 billion) and Italy (by CZK 7.5 billion). Trade balance improved with Norway (by CZK 8.4 billion) as deficit turned into a surplus. Trade deficit grew with China (by CZK 52.9 billion), Japan (by CZK 14.6 billion), Thailand (by CZK 6.1 billion), the United States (by CZK 6.0 billion), Ireland (by CZK 4.6 billion) and Korea (by CZK 3.8 billion). Trade surplus fell with Austria (by CZK 7.9 billion) and Hungary (by CZK 3.5 billion).

According to the CZSO’s regular quarterly update , the 2007 trade surplus amounted to CZK 85.0 billion (down by CZK 1.1 billion).
According to the communication of the Directorate General of Customs, data were received from 93.9% of the companies obliged to report to the Intrastat system.
Data for companies exempted from the reporting duty (those whose annual value of trade with the EU member states was below CZK 4 million for goods dispatched and below CZK 2 million for goods arrived) and for companies that failed to report have been imputed. The imputation methods are based on data that the companies supplied in the previous period and data from the tax returns.

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Note
Contact: Karel Král, phone (+420) 274 052 161, e-mail: karel.kral@csu.gov.cz
Data source: Intrastat forms and Single Administrative Documents (SADs)
Related publication: 6001-08 External Trade of the Czech Republic in January 2008 http://www.czso.cz/csu/2008edicniplan.nsf/engs/2008-6
The table with data on imports (FOB) of goods is for the Czech National Bank to calculate the balance of payments.
/vzo_ts
The data for individual months of 2007 are updated referring to 28 February 2008 closing date.
The data for January 2008 are preliminary and refer to 28 February 2008 closing date; they will be updated in June 2008 together with data for individual months of 2007 and 2008.